There is nothing interesting about bank account backed bearer shares. Anybody that can consolidate money can do it for all eternity. Anybody can extract value out of doing that, especially with fiat onramps and public blockchains. This isn’t a USDC specific issue. You aren’t wrong and it doesn’t matter. USDC is proliferating the fastest, and has an interesting minting model, until DAI and non-centralized stablecoins gets its act together.